The Peninsula to undertake P509-M renovation program

The luxurious Manila Peninsula is undertaking a P508.63 million renovation/modernization program that will involve its 249 room Makati tower, its lobby and upper lobby, as well as its main Rigodon Ballroom and private function rooms on the ground floor.

This will be the fourth renovation/modernization project of the five-star hotel located at the prime corner of Ayala and Makati Avenues and facing its rival the Makati Shangrila Hotel.

The Manila Peninsula has registered and gotten approval from the Board of Investments (BOI) for its renovation/modernization program.

The BOI registration will entitle The Peninsula to enjoy income tax holiday as well as duty-free importation of capital equipment.

The BOI approved the Manila Peninsula renovation/modernization project as such activity is a preferred activity under the 2006 Investments Priorities Plan involving tourism and tourism accommodation facilities.

Likewise, the amount involved of P508.63 million exceeds the minimum project cost for hotel modernization allowed by the IPP of only P100 million.

Thus, the Manila Peninsula renovation/modernization project was also approved on a pioneer status due to the magnitude of the investments.

The Manila Peninsula was build in 1976 to coincide with the International Monetary Fund Conference (IMF) held in Manila. It had undertaken three previous renovations/modernization in 1991, 1996 and 1997.